The international financial conglomerate Citigroup submitted a report on the value of Kaupthing Bank (formerly known as KB Bank) yesterday, and recommended the purchase of its stocks.
Kaupthing’s stock value increased by 2.79 percent yesterday and as a consequence the main stock market index in Iceland rose by 1.59 percent. It has gone up by almost 3.5 percent since New Year’s Eve. Fréttabladid reports.
Jónas Sigurgeirsson, managing director of the communications department at Kaupthing, said the report is of great importance to the bank.
The report will reach the hands of tens of thousands of Citigroup’s clients around the world, who will now be familiar with Kaupthing’s reputation, Sigurgeirsson said.
Citigroup said in its report that Kaupthing’s shares are cleverly distributed in different markets and that the bank is less expensive than other northern banks. Further it stated that Kaupthing is led by a team of pioneers.
Kaupthing is the most valuable company registered at the Iceland Stock Exchange (ICEX) and is estimated to be worth ISK 650 billion (EUR 7.1 billion, USD 9.2 billion).
